BAKU, Azerbaijan, Jan.25
By Fidan Babayeva – Trend:
Azerbaijan’s Economic Zones Development Agency will stimulate the inflow of investments into industrial parks, Head of the Department of the Center for Analysis of Economic Reforms and Communication Ayaz Museyibov said, Trend reports.
According to Museyibov, this will create a new regulatory and management structure that will improve the management of parks, industrial districts, and agricultural parks.
By the Decree of the President of Azerbaijan on January 22, on the basis of Sumgayit Chemical Industrial Park LLC under the Azerbaijani Ministry of Economy, the Economic Zones Development Agency with the status of a public legal entity was created.
“Thus, the Decree provides for the preparation of proposals for assessing the activities of economic entities and increasing their efficiency. Organizing industrial parks, industrial neighborhoods, and agricultural parks in an efficient and new regulatory framework will stimulate investment in the country, expand exports and create jobs. The new reform measure is also important from the point of view of introducing the technologies of the fourth Industrial Revolution in the country,” said Museyibov.
“Development in this direction as one of the main drivers of economic growth has always been in the spotlight. A policy of support for legislative, administrative, and investment issues has been implemented in the relevant areas,” said Museyibov.
“According to the relevant legislation, on the territory of industrial parks for a period of 10 years, a 50 percent discount on corporate tax, exemption from VAT for imported equipment, technological means, exemption from customs duties for imported equipment, technological means, as well as exemption from land tax and property,” said Museyibov.
The CAERC Department head noted that as a result of the relevant support policy, $3.5 billion have been invested in industrial parks, products worth 3.3 billion manat ($1.94 billion) have been sold, and 25 percent of products have been exported.
(1 USD = 1.7 AZN on Jan. 25)
